Nokia: Q3 Networks Biz Shines, 'Lumia' Awaits Win Phone 8

By

Tiernan Ray

Oct. 18, 2012 11:02 a.m. ET

Text Size

Regular

Medium

Large

By

Tiernan Ray

Oct. 18, 2012 11:02 a.m. ET

Shares of Nokia (NOK) are down 5 cents, or 1.7%, at $2.89, reversing gains in the pre-market as the Street digests this morning's better-than-expected Q3 results, which included a 56% drop in smartphone sales but an improvement in margins across the board. Nokia's CEO Stephen Elop predicted further improvement in the company's margin on "devices" this quarter, while saying the market remains highly competitive.

R.W. Baird's William Power, reiterating an Underperform rating on the shares, calls the smartphone...